v3.26.1
Revenue
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue

Note 2. Revenue

Disaggregation of Revenues

The Company disaggregates its revenue from contracts with customers by geographic region based on the primary billing address of the customer and timing of transfer of goods or services to customers (point-in-time or over time), as it believes it best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors. Total revenue for the three months ended June 30, 2026 and 2025, based on the disaggregation criteria described above were as follows (in thousands):

 

 

 

Three Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

 

Revenue

 

 

% of Revenue

 

 

Revenue

 

 

% of Revenue

 

Revenue by primary geographical market:

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

3,415

 

 

 

56

%

 

$

4,707

 

 

 

85

%

EMEA

 

 

2,574

 

 

 

42

%

 

 

489

 

 

 

9

%

Asia

 

 

147

 

 

 

2

%

 

 

315

 

 

 

6

%

Total

 

$

6,136

 

 

 

100

%

 

$

5,511

 

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

Revenue by timing of recognition:

 

 

 

 

 

 

 

 

 

 

 

 

Recognized at a point in time

 

$

2,546

 

 

 

41

%

 

$

4,203

 

 

 

76

%

Recognized over time

 

 

3,590

 

 

 

59

%

 

 

1,308

 

 

 

24

%

Total

 

$

6,136

 

 

 

100

%

 

$

5,511

 

 

 

100

%

 

Total revenue for the six months ended June 30, 2026 and 2025, based on the disaggregation criteria described above were as follows (in thousands):

 

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

 

Revenue

 

 

% of Revenue

 

 

Revenue

 

 

% of Revenue

 

Revenue by primary geographical market:

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

5,534

 

 

 

45

%

 

$

7,864

 

 

 

89

%

EMEA

 

 

6,436

 

 

 

52

%

 

 

541

 

 

 

6

%

APAC

 

 

428

 

 

 

3

%

 

 

474

 

 

 

5

%

Total

 

$

12,398

 

 

 

100

%

 

$

8,879

 

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

Revenue by timing of recognition:

 

 

 

 

 

 

 

 

 

 

 

 

Recognized at a point in time

 

$

4,973

 

 

 

40

%

 

$

6,684

 

 

 

75

%

Recognized over time

 

 

7,425

 

 

 

60

%

 

 

2,195

 

 

 

25

%

Total

 

$

12,398

 

 

 

100

%

 

$

8,879

 

 

 

100

%

The revenue recognized at a point in time was related to product revenue and revenue recognized over time was from non-recurring engineering services.

For the three months ended June 30, 2026, two customers accounted for 32% and 30% of the Company’s revenue, respectively. For the three months ended June 30, 2025, three customers accounted for 36%, 16% and 14% of the Company’s revenue, respectively.

For the six months ended June 30, 2026, two customers accounted for 40% and 19% of the Company’s revenue, respectively. For the three months ended June 30, 2025, three customers accounted for 45%, 17% and 10% of the Company’s revenue, respectively.

Contract Assets and Contract Liabilities

As of June 30, 2026 the Company had contract assets of $7.8 million included in other current assets and other noncurrent assets. As of December 31, 2025, the Company had contract assets of $3.3 million included in other current assets. As of June 30 2026, and December 31, 2025, the Company had contract liabilities of $0.5 million and $0 million, respectively, included in other current liabilities.

 

Remaining Performance Obligations

As of June 30, 2026, the total amount of the transaction price allocated to unsatisfied performance obligations for contracts with an original duration greater than one year was $28.7 million, of which approximately 30% is expected to be recognized as revenue over the next 12 months, and the remainder thereafter. Total revenue estimates are based on negotiated contract prices and demand quantities, and could be influenced by risks and uncertainties, including manufacturing or supply chain constraints, modifications to customer agreements, and regulatory changes, among other factors. Accordingly, the actual revenue recognized for the remaining performance obligation in future periods may significantly fluctuate from these estimates.